Novel Architecture for Transactive Energy Management Systems with Various Market Clearing Strategies

The recent advancements in demand-side management techniques add significant benefits to the distribution systems. One such technique is transactive energy management systems (TEMS) which motivate the energy end-users to take part in local energy trading. The end-users can effectively increase the m...

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Main Authors: Arun, S.L., Bingi, K., Vijaya Priya, R., Jacob Raglend, I., Hanumantha Rao, B.
Format: Article
Published: Hindawi Limited 2023
Online Access:http://scholars.utp.edu.my/id/eprint/38031/
https://www.scopus.com/inward/record.uri?eid=2-s2.0-85175271585&doi=10.1155%2f2023%2f3979662&partnerID=40&md5=276783a28b131117987ae1f284ab8d01
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Institution: Universiti Teknologi Petronas
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spelling oai:scholars.utp.edu.my:380312023-12-11T03:01:47Z http://scholars.utp.edu.my/id/eprint/38031/ Novel Architecture for Transactive Energy Management Systems with Various Market Clearing Strategies Arun, S.L. Bingi, K. Vijaya Priya, R. Jacob Raglend, I. Hanumantha Rao, B. The recent advancements in demand-side management techniques add significant benefits to the distribution systems. One such technique is transactive energy management systems (TEMS) which motivate the energy end-users to take part in local energy trading. The end-users can effectively increase the monetary benefits by trading the surplus generation/demand within the local energy market (LEM). The LEM operator frames a viable market clearing strategy to fix the market clearing price to enhance the monetary benefits of all the market players. In this study, LEM architecture with different market clearing strategies is proposed for TEMS to ensure profitable power transactions between the neighboring end-users. An optimal energy management algorithm is also proposed for time scheduling the operation of flexible loads and batteries, considering dynamics in end-users' behavior, variations in utility parameters, and the intermittent nature of renewable power generation. Further, an optimal load scheduling algorithm is developed at the end-users' premises to improve the profits in the LEM. Correspondingly, the trading strategies are extended to increase market reliability by penalizing participants for their abnormal activities in energy trading. The proposed framework is validated with different case studies considering ten residential participants in a locality. © 2023 S. L. Arun et al. Hindawi Limited 2023 Article NonPeerReviewed Arun, S.L. and Bingi, K. and Vijaya Priya, R. and Jacob Raglend, I. and Hanumantha Rao, B. (2023) Novel Architecture for Transactive Energy Management Systems with Various Market Clearing Strategies. Mathematical Problems in Engineering, 2023. ISSN 1024123X https://www.scopus.com/inward/record.uri?eid=2-s2.0-85175271585&doi=10.1155%2f2023%2f3979662&partnerID=40&md5=276783a28b131117987ae1f284ab8d01 10.1155/2023/3979662 10.1155/2023/3979662 10.1155/2023/3979662
institution Universiti Teknologi Petronas
building UTP Resource Centre
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Petronas
content_source UTP Institutional Repository
url_provider http://eprints.utp.edu.my/
description The recent advancements in demand-side management techniques add significant benefits to the distribution systems. One such technique is transactive energy management systems (TEMS) which motivate the energy end-users to take part in local energy trading. The end-users can effectively increase the monetary benefits by trading the surplus generation/demand within the local energy market (LEM). The LEM operator frames a viable market clearing strategy to fix the market clearing price to enhance the monetary benefits of all the market players. In this study, LEM architecture with different market clearing strategies is proposed for TEMS to ensure profitable power transactions between the neighboring end-users. An optimal energy management algorithm is also proposed for time scheduling the operation of flexible loads and batteries, considering dynamics in end-users' behavior, variations in utility parameters, and the intermittent nature of renewable power generation. Further, an optimal load scheduling algorithm is developed at the end-users' premises to improve the profits in the LEM. Correspondingly, the trading strategies are extended to increase market reliability by penalizing participants for their abnormal activities in energy trading. The proposed framework is validated with different case studies considering ten residential participants in a locality. © 2023 S. L. Arun et al.
format Article
author Arun, S.L.
Bingi, K.
Vijaya Priya, R.
Jacob Raglend, I.
Hanumantha Rao, B.
spellingShingle Arun, S.L.
Bingi, K.
Vijaya Priya, R.
Jacob Raglend, I.
Hanumantha Rao, B.
Novel Architecture for Transactive Energy Management Systems with Various Market Clearing Strategies
author_facet Arun, S.L.
Bingi, K.
Vijaya Priya, R.
Jacob Raglend, I.
Hanumantha Rao, B.
author_sort Arun, S.L.
title Novel Architecture for Transactive Energy Management Systems with Various Market Clearing Strategies
title_short Novel Architecture for Transactive Energy Management Systems with Various Market Clearing Strategies
title_full Novel Architecture for Transactive Energy Management Systems with Various Market Clearing Strategies
title_fullStr Novel Architecture for Transactive Energy Management Systems with Various Market Clearing Strategies
title_full_unstemmed Novel Architecture for Transactive Energy Management Systems with Various Market Clearing Strategies
title_sort novel architecture for transactive energy management systems with various market clearing strategies
publisher Hindawi Limited
publishDate 2023
url http://scholars.utp.edu.my/id/eprint/38031/
https://www.scopus.com/inward/record.uri?eid=2-s2.0-85175271585&doi=10.1155%2f2023%2f3979662&partnerID=40&md5=276783a28b131117987ae1f284ab8d01
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